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True to seasonal form, November has been a strong month for the U.S. markets.
The S&P 500 and the Dow industrials have taken flight, reaching uncharted territory, while the small- and mid-cap benchmarks have come to life technically.
Before detailing the U.S. markets’ wider view, the S&P 500’s hourly chart highlights the past two weeks.
As illustrated, the S&P has extended its uptrend, rising to another all-time high.
From current levels, first support holds at the breakout point — S&P 2,056 — and is followed by a deeper floor at 2,040.
Surprisingly weak consumer confidence data pushed the dollar lower against the yen, euro and pound Tuesday as investors worried that consumers might be tamping down spending ahead of the holiday shopping season.
The ICE Dollar Index DXY, +0.04% , a measure of the greenback’s strength against a basket of six rival currencies, was down 0.30% to 87.8940, trading below the 88.0000 level for the first time since Friday.
The euro EURUSD, -0.03% traded at $1.2473, compared to $1.2430 late Monday. The shared currency is the most heavily-weighted component of the dollar index.
Elsewhere, the dollar USDJPY, -0.13% traded at 117.99 yen, surrendering its gains from Monday’s session and returning to its Friday level. It traded at ¥118.29 Monday afternoon.
December silver SIZ4, +0.13% settled higher by 17 cents, or 1%, at $16.55 an ounce.
Platinum PLF5, -0.28% was down $19.80, or 1.61%, to $1,208 and Palladium PAH5, -0.26% was off about 0.6% , or $4.80, to trade at $789.75.
Oil futures slumped to their lowest close in more than four years Tuesday, as traders grew more doubtful the Organization of the Petroleum Exporting Countries will deliver meaningful` production cuts when cartel officials meet later this week.
Nymex WTI crude for January delivery CLF5, -0.04% dropped $1.69, or 2.2%, to close at $74.09 a barrel, the lowest finish for a most-active futures contract since September 2010. ICE January Brent LCOF5, +0.09% dropped $1.35, or 1.7%, to $78.33 a barrel.
Gold futures settled slightly higher Tuesday, yet couldn’t hold its price above the $1,200 level that many traders have watched carefully.
December gold futures GCZ4, +0.05% settled up by $1.40, or 0.1%, at $1,197.10 an ounce, after briefly punching above the $1,200 mark.
